One of the 4 Asian tigers, Singapore, otherwise known as a powerful and culturally diverse worldwide financial center, is boasting a reputable and well-trusted banking industry. Holding an account with any such financial institution guarantees stable and flawless company operation. With its business-friendly environment, indulging one’s soul with a rainbow of opportunities for development, the city state is a passport to success.
- Payment account in Singapore system: advantages for payment system users and non-resident account holders
- Corporate account in the Singapore EMI
- Payment cards
- Payment management and acceptance
- Mandatory submissions to set up a payment account in the Singapore payment system
- Upfront fee and EMI system commissions
- How to create a corporate account in the Singapore payment system
International Wealth suggests you create a corporate account in a Singapore payment system licensed as an EMI institution. Any non-sanctioned jurisdiction offers a possibility to set up payment accounts in the a.m. Singapore EMI. Non-resident accounts enjoy immense popularity with the Singapore system users, and the latter may utilize them however they want to. You are welcome to create a USD or SGD multicurrency Singapore account online – your entity will profit greatly therefrom and be super efficient if you turn non-resident accounts into an effective financial tool.
Payment account in Singapore system: advantages for payment system users and non-resident account holders
The International Wealth avid readers and subscribers already know the truth – setting up a corporate account in Singapore is not a road paved in gold and emeralds these days, and this is particularly true for non-resident accounts. It is a long and challenging procedure. Difficulties for users originally surfaced back in mid-2010s, and the situation is exacerbated year by year, as domestic enterprises and transnational businesses need corporate accounts in Singapore.
With unequaled adjustability, payment processing speed, and a chance to create a Singapore account online to receive payments in Singapore, payment systems offer a handy and practical way out of trouble.
International users with non-resident payment accounts in the said Singapore EMI enjoy multiple alternatives. Here are the things they are capable of:
- create corporate Singapore accounts online and operate offshore accounts remotely
- obtain corporate details and particulars
- set up corporate accounts in the Singapore EMI remotely, except for sanctioned entities
- create USD and SGD payment accounts in the Singapore system online (with EUR and BPS account opening in the offing)
- make secure free behind-the-border USD and SGD transfers through the Singapore EMI
- provide for transborder wire payments in 30+ currencies spanning 130+ countries, with commissions cut down to minimum
- issue virtual payment cards for both resident and non-resident account holders in no time
- manage funds with an Internet bank and a mobile app of the Singapore EMI
- allow integration with popular accounting software.
Corporate account in the Singapore EMI
Singapore EMIs (a.k.a. e-money institutions) are licensed to engage in e-money and regular payment operations. It takes up to 2 weeks to create a corporate account in the Singapore payment system. The entity in question may be incorporated in any non-sanctioned jurisdiction. The respective references and details are issued to the company or corporation holding the resident or non-resident account in question.
Users enjoy an opportunity to set up any account in the Singapore EMI. The Singapore payment system, inter alia; gives you a unique chance to create offshore accounts remotely. As of now, to create and manage the user’s main Singapore account online, the latter shall be in either USD or SGD, and the possibility to create EUR and BPS accounts is looming and booming on the horizon.
For the Singapore EMI, use either local bank transfer methods or SWIFT to remit (send or receive) monies. In case of domestic transfers, no fees are charged.
International money transfers may be converted into 30+ world currencies with minimum fee charged. The fee amount is fixed in all cases. Relying on the Singapore EMI’s representatives, the platform fee will be up to 4 times lower versus the corresponding bank commissions.
Once you set up a payment account in the Singapore EMI, you’ll be liable to link virtual debit cards to transact payments from your resident or non-resident accounts regardless of your location. These shall be all VISA cards, and the number thereof is unlimited.
You are free to issue corporate debit cards (e.g., to pay for your advertising account or pay rent) or payment cards for your employees. Card limits of your choice may be set, where relevant. The app will remind you to submit receipts or get your digital receipts per default, if the latter are available.
You’ll get a chance to receive a 1% cashback.
Payment management and acceptance
You are free to both issue regular invoices to your customers and send them either one-off or reusable payment links.
Your existing payment software, including, inter alia, PayPal, Stripe, Shopify, etc., may be linked to the Singapore EMI platform.
Feel free to create several virtual user areas in the system to independently administer cash flows on your Singapore account online.
Any payment account in the Singapore EMI system comes with unbelievably fast withdrawals. You’ll be able to make a payout 4 times as fast as in regular banks.
The system architecture not just secures safe money acceptance and transfer but also does it in a fast, efficient, and transparent way, from 24/7 monitoring to accounting service integration.
Mandatory submissions to create a payment account in Singapore EMI system
Conventional submissions are essential to set up a corporate payment account or create offshore accounts remotely in the Singapore system:
- holder’s passport
- confirmation of the holder’s address
- certificate of incorporation
- certificate of Good Standing and previous reporting.
Where relevant, the payment system may require you to submit certain extra documents.
Upfront fee and EMI system commissions
Fee for support with corporate account creation in Singapore – 2999 EUR
Monthly account maintenance fee – from 12 SGD per month (based on your business size and liquidity).
- Incoming payments: no charge
- Incoming payments when converting currencies: no fee, with due allowance for the currency translation
- Outgoing payments: no charge
- Outgoing payments with currency translation: average conversion level, plus transparent fees
- Incoming payments as ACH & ABA/Fedwire Transfers: no charge
- SWIFT: 8 USD
- SWIFT with currency conversion: 8 USD + the optimum conversion rate
- Outgoing ACH payments: no charge
- Outgoing SWIFT payments with currency conversion: 8 USD + the optimum conversion rate
How to create a corporate account in the Singapore payment system
- Get through to the experienced International Wealth experts at email@example.com and inform us you wish to set up a corporate payment account or create offshore accounts remotely in the said Singapore system
- Pay fee for support with account creation – 2999 EUR
- Submit the documents required by the system
- Wait for the International Wealth experts to arrange for account creation and gaining access thereto
- Once the account set up is confirmed, you’ll be able to accept payments, issue cards, and pay for the services provided.
Reach out to the International Wealth pros at firstname.lastname@example.org or any messengers to get a free consultation as to how to set up a corporate account in the a.m. system or create offshore accounts remotely, if your entity requires one. Creating an offshore account online might seem tricky, but the matter is not as intricate as it seems if you apply to International Wealth for support.